Vertical Aerospace Ltd (EVTL) 2025 Q2 法說會逐字稿

Good morning. My name is Ellie and I will be your conference operator today. At this time, I would like to welcome everyone to the vertical aerospaces 2025 1st after earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's prepared remarks, there will be a question and answer session. If you'd like to ask a question during that time, please press star followed by one on your telephone keypad.

早安.我叫艾莉，今天我將擔任您的會議主持人。現在，我謹歡迎大家參加垂直航空航太 2025 年第一次收益電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發表準備好的演講後，將有一個問答環節。如果您想在此期間提問，請在電話鍵盤上按星號，然後按 1。

Thank you.

謝謝。

Now I'd now like to turn the call over to Julian Levine, IR lead at Vertical aerospace. You may now begin your conference.

現在我想將電話轉給 Vertical aerospace 的 IR 負責人 Julian Levine。您現在可以開始您的會議了。

Hello, everyone, and good morning. I'm delighted to welcome you to our H1 update call today. Before we get started, I would like to remind you that during today's call, we'll be making forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Any forward-looking statement we make on this call or based on assumptions as of today.

大家好，早安。我很高興歡迎您參加我們今天的上半年業績更新電話會議。在開始之前，我想提醒您，在今天的電話會議中，我們將做出前瞻性陳述。這些聲明涉及風險和不確定性，可能導致實際結果與前瞻性聲明所預期的結果有重大差異。我們在本次電話會議中或基於今天的假設所做的任何前瞻性陳述。

And we undertake no obligation to update these statements as a result of new information or future events. We've posted an accompanying slide deck to our investor relations web section of our website at investors. Vertical aerospace.com, which contains information and cautionary warnings on forward-looking statements. For a more complete discussion about these risks and uncertainties, we have filed our 2025 1st half year financial statements with the SEC this morning. Please now let me hand it over to our CEO Stuart Simpson.

我們不承擔因新資訊或未來事件而更新這些聲明的義務。我們在投資者網站的投資者關係網頁部分發布了隨附的幻燈片。Vertical aerospace.com，其中包含前瞻性陳述的資訊和警示警告。為了更全面地討論這些風險和不確定性，我們今天上午向美國證券交易委員會提交了 2025 年上半年財務報表。現在請允許我將其交給我們的執行長 Stuart Simpson。

Good morning everyone and thank you for joining us today for Vertical Aerospace's 2025 half year results. I will give you an update on our progress over the past six months and I'm joined by our chief commercial and strategy Officer, Michael Chevenka, to talk through one of our key partnerships. But before we get started, I wanted to share something special with you.

大家早安，謝謝大家今天參加 Vertical Aerospace 2025 年上半年業績發表會。我將向您介紹我們過去六個月的進展情況，我們的首席商務和策略長 Michael Chevenka 也將與我們一起討論我們的一個關鍵合作夥伴關係。但在我們開始之前，我想與你們分享一些特別的事情。

And the dolls are complete. We're ready for you to taxi while we finish. Georgia.

娃娃已經完成了。我們已準備好讓您在我們完成任務後滑行。喬治亞州。

Okay. That's accelerating.

好的。這正在加速。

As this video shows, this is just another day for the flight testing. 2025 has been a pivotal year for Vertical. So far, and I'm pleased to say we are tracking strongly against our strategic objectives. Looking at the 2025 targets we set last November, we have successfully achieved or remain on track to deliver on each of these key milestones.

正如影片所示，這只是飛行測試的普通一天。2025 年對 Vertical 來說是關鍵的一年。到目前為止，我很高興地說，我們正在大力推進我們的策略目標。回顧我們去年 11 月設定的 2025 年目標，我們已經成功實現或將繼續按計劃實現每個關鍵里程碑。

We have flown through public airspace operating in full scale piloted wing borne flights, the first of its kind to take place in Europe.

我們已在公共空域進行了全尺寸有人駕駛機翼飛行，這是歐洲首​​次進行此類飛行。

Most recently we've demonstrated a real world use case with full-scale piloted airport to airport flight, one of the world's first for EV tolls and at the world's largest military air show.

最近，我們在全球最大的軍事航空展上展示了全尺寸機場間有人駕駛飛行的真實用例，這是世界上首次實現電動車收費的飛行之一。

Once we complete our wing borne flight test, we are on track to achieve the final flight phase, piloted transition before year end, and we are on track to finalize the assembly of our third and final VX4 prototype and fly it before the end of the year, therefore doubling our flight test capacity. Thereafter, we intend to be flying this final prototype hybrid electric, in 2026.

一旦我們完成機翼飛行測試，我們就有望在年底前實現最後的飛行階段和載人飛行過渡，並且預計在年底前完成第三個也是最後一個 VX4 原型的組裝並進行飛行，從而使我們的飛行測試能力翻一番。此後，我們計劃在 2026 年試飛這架最終的混合動力電動原型。

Both these piloted transition and hybrid flights in the coming quarters will demonstrate our capability as an exceptional aerospace company with the knowledge of how to certify.

未來幾季的這些載人過渡和混合飛行將證明我們作為一家擁有認證知識的卓越航空航太公司的能力。

So far this year, we have initiated production of our pre-production aircraft with long range parts purchasing, continuing strong momentum with key partners such as H1ywell, and as of yesterday, acetory aerostructures, of which I will explain more shortly.

今年到目前為止，我們已經開始生產預生產飛機，並採購遠程零件，繼續與 H1ywell 等主要合作夥伴保持強勁發展勢頭，並且從昨天開始，我們還開始了乙醯基航空結構的生產，我將很快對此進行更詳細的解釋。

We have expanded our partnership with Bristow to accelerate global EV to adoption through a ready to fly model that reduces barriers to entry, which Michael will touch on later.

我們擴大了與 Bristow 的合作夥伴關係，透過降低進入門檻的即用型模型來加速全球電動車的普及，Michael 稍後會談到這一點。

We're on track to secure expanded design organization approval from the UK CAA, including flight privileges that will let us issue our own permits to fly, removing the oversight needed for each flight phase so far, and which will be a huge vote of confidence from our regulator in vertical growing as a mature aerospace company. And finally, we have strengthened our operating model and shifted our approach to focus on execution. Including by significantly enhancing both the management team and our board. I will touch on each of these milestones today, but I want to start by spending a bit more time on what I believe is one of our strongest differentiators, at battery.

我們預計將獲得英國民航局擴大設計組織的批准，包括飛行特權，這將使我們能夠頒發自己的飛行許可證，從而消除迄今為止每個飛行階段所需的監督，這將是監管機構對我們作為一家成熟航空航天公司垂直發展的巨大信任。最後，我們加強了營運模式，並轉變方法，專注於執行。包括大幅加強管理團隊和董事會。今天我將談到每一個里程碑，但我想先花一點時間談談我認為我們最大的差異化因素之一——電池。

Our leading battery underpins both our EV toll and hybrid aircraft, and its performance is central to the VX4's success.

我們領先的電池為我們的電動收費飛機和混合動力飛機提供了支撐，其性能對於 VX4 的成功至關重要。

This year we are delighted that we completed crucial full-scale build and tests on concept battery design. 15.2 m or 50 4 battery pack drop test comparable to fuel tank testing in traditional rotorcraft. Also, a full scale thermal runaway propagation test was conducted on a VX4 sub pack, indicating that safe flight and landing is achievable even in the event of a battery fire.

今年，我們很高興完成了概念電池設計的關鍵全面構建和測試。15.2 公尺或 50 個 4 顆電池組跌落測試與傳統旋翼機的油箱測試相當。此外，對VX4子電池組進行了全面的熱失控傳播測試，顯示即使發生電池起火，也能實現安全飛行和著陸。

This sets us up well to deliver our battery against our means of compliance with the RSO's SCV toll.

這為我們提供了良好的條件，可以根據 RSO 的 SCV 收費標準交付電池。

We are continuing to refine our battery to ensure it is as light but powerful as possible, and we are getting ready to produce this certification ready battery.

我們正在繼續改進我們的電池，以確保它盡可能輕但功能強大，並且我們正準備生產這種可獲得認證的電池。

Our battery not only differentiates our aircraft, but as we mentioned, when we launched Flight Path 2030, it also unlocks a unique business opportunity for Vertical in the medium and long term. The VX4 will only be able to be powered by Vertical's proprietary batteries. This means our customers must return to us for annual or more frequent battery replacements, depending on how they use their aircraft.

我們的電池不僅使我們的飛機與眾不同，而且正如我們在推出 Flight Path 2030 時所提到的那樣，它還為 Vertical 在中長期開啟了獨特的商業機會。VX4 只能由 Vertical 的專有電池供電。這意味著我們的客戶必須每年或更頻繁地向我們更換電池，這取決於他們如何使用飛機。

This razor razor blade model results in a long-term high margin towards 40% and above recurring revenue opportunity for vertical, and we expect will ultimately result in a fifty-fifty long term revenue mix between aircraft and battery sales.

這種剃須刀片模型將為垂直行業帶來 40% 及以上的長期高利潤率和經常性收入機會，我們預計最終將導致飛機和電池銷售之間各佔一半的長期收入組合。

Our pilot line is being built at the vertical Energy Center, but ultimately we will be building a gigafactory to accommodate the volume of batteries we'll need to build. We are deep in discussions with various potential sites, and we plan to announce this in the next 12 months.

我們的試驗生產線正在垂直能源中心建設，但最終我們將建造一個超級工廠來容納我們需要生產的電池數量。我們正在與各個潛在站點進行深入討論，並計劃在未來 12 個月內宣布這一消息。

We are exploring other applications for our leading battery technology, and we hope to have an announcement of this again in the next 6 to 9 months. However, our primary focus is delivering on our pilot battery line and choosing a location for our gigafactory.

我們正在探索我們領先的電池技術的其他應用，我們希望在未來 6 到 9 個月內再次宣布這一消息。然而，我們的主要重點是交付我們的試點電池生產線並為我們的超級工廠選擇地點。

We look forward to keeping the market updated on our battery development and the destination of our major facilities.

我們期待向市場更新我們的電池開發以及主要設施的去向。

Turning to our key milestones this year, one of our most impressive achievements to date has been our flying full scale piloted wingborne this year.

談到我們今年的關鍵里程碑，迄今為止我們最令人印象深刻的成就之一就是今年進行了全尺寸載人翼載飛行。

We had to submit upwards of 20,000 documents to receive our permit to fly from the UK Civil Aviation Authority to begin this flight phase.

我們必須提交超過 20,000 份文件才能從英國民航局獲得飛行許可，開始這一飛行階段。

As it was our first time conducting piloted flights through public airspace.

因為這是我們第一次在公共空域進行載人飛行。

Unlike other jurisdictions, our flight test and our flight test center in the Cotswold is above urban life, people, schools and homes.

與其他司法管轄區不同，我們的飛行測試和位於科茨沃爾德的飛行測試中心位於城市生活、人群、學校和家庭之上。

The CAA to approve our flight test is to accept alongside the company the joint liability for the VX 4 prototype aircraft.

民航局批准我們進行飛行試驗，就等於與公司一起承擔VX 4原型機的連帶責任。

The level of regulatory scrutiny for just our prototype aircraft is incredibly high as compared to other markets, which significantly benefits us in the medium term and de-risks a pathway to certification.

與其他市場相比，我們原型飛機的監管審查水平非常高，這對我們在中期而言非常有利，並降低了認證途徑的風險。

We've dedicated years and countless hours walking the CAA through the VX4. It's design, it's engineering, it's capabilities. This means when we progress through to our pre-production aircraft in 2026, our regulator is already intimately aware of our aircraft and how it works.

我們花了數年時間和無數的時間帶領 CAA 走過 VX4。這是設計，這是工程，這是能力。這意味著，當我們在 2026 年進入預生產飛機階段時，我們的監管機構已經非常了解我們的飛機及其運作方式。

The CIA has already engaged in a mini certification of our prototype aircraft for flight tests, which will be concluded by us targeting piloted transition by the end of the year.

中央情報局已經對我們的原型機進行了飛行測試的小型認證，我們將在今年年底前完成該認證，以實現有人駕駛的過渡。

This all underpins the CAA's knowledge of how to certify our aircraft.

這一切都鞏固了民航局對如何認證我們飛機的認識。

In recent months we have been conducting additional wing board flight tests so as to incorporate real world learnings into our pre-production aircraft. We are also seeing the benefits of our AI strategy being brought to bear, for instance, with our flight test data and our ability to analyze terabytes of data in a more efficient way.

最近幾個月，我們一直在進行額外的翼板飛行測試，以便將現實世界的經驗融入我們的預生產飛機中。我們也看到了人工智慧策略的好處，例如，我們的飛行測試數據和以更有效的方式分析 TB 級數據的能力。

I'm excited to say that over the past 6 months we've been joined by Paul Stone. Paul brings over 20 years' experience as a test pilot, including 20 years in the Royal Navy, and he's flown over 200 different aircraft.

我很高興地說，在過去的六個月裡，保羅·斯通 (Paul Stone) 加入了我們。保羅擁有超過 20 年的試飛經驗，其中包括在皇家海軍服役 20 年，他駕駛超過 200 架不同的飛機。

Paul also flew the VX4 during July.

保羅還在七月駕駛過 VX4。

This has also meant we've had days where for the first time we have multiple piloted test flights on the same day with different pilots, considerably accelerating our learning.

這也意味著我們第一次在同一天由不同的飛行員進行多次試飛，大大加快了我們的學習速度。

Building on the success of our flight test progress to date, we felt confident in our aircraft to conduct the world's first Eve to airport to airport flight.

基於迄今為止飛行測試的成功進展，我們對我們的飛機進行世界上首次夜間到機場的飛行充滿信心。

Thousands of people witnessed the VX 4 fly from Cotswold's Airport to the Royal International Air Tattoo, the world's largest military air show at RAF Fairford, a Royal Air Force base also used by the US Air Force. Airport to airport flights will be a key use case for EV tolls, and it was extraordinary to see people's reaction to the VX4 close up.

數千人見證了 VX 4 從科茨沃爾德機場飛往皇家國際航空表演節，這是在皇家空軍費爾福德基地舉行的世界上最大的軍事航空展，該基地也是美國空軍使用的皇家空軍基地。機場間航班將成為電動車收費站的關鍵用例，而近距離觀察人們對 VX4 的反應非常令人驚訝。

At the air show, VX4 was an esteemed company with aircraft from over 20 European, Middle Eastern and North American militaries, and around a quarter of a million people came to the air tattoo to watch the VX4 among the B-52s, typhoons and F-35s.

在航展上，VX4 是一家備受尊敬的公司，擁有來自 20 多個歐洲、中東和北美軍隊的飛機，約有 25 萬人來到航空展觀看 VX4 與 B-52、颱風和 F-35 一起飛行表演。

Feedback was overwhelmingly positive for regulators, military partners and the public, as through our inaugural demonstration flight, they were able to fully understand the future of our mobility.

監管機構、軍事合作夥伴和公眾的回饋非常積極，因為透過我們的首次展示飛行，他們能夠充分了解我們機動性的未來。

The market opportunity in defense is significant, and the European defense tech market is growing, powered by the acceleration in European defense spending.

國防市場機會龐大，歐洲國防開支加速成長，推動歐洲國防技術市場不斷成長。

NATO members are increasing defense spending from approximately 2% to 5% of GDP or an increase from $300 billion to approximately $1 trillion over the next 7 to 10 years, and vertical is the only European Eve to contender is uniquely positioned to capture this opportunity.

北約成員國將在未來 7 到 10 年內將國防開支從佔 GDP 的約 2% 提高到 5%，從 3,000 億美元增加到約 1 兆美元，而俄羅斯是唯一一個能夠抓住這一機會的歐洲競爭對手。

During the air show, all eyes were on the VX4's defense applications and particularly our mature hybrid program, which is in its 2nd generation powertrain.

在航展期間，所有人的目光都集中在 VX4 的國防應用上，尤其是我們成熟的混合動力項目，該項目已進入第二代動力系統。

We have developed and successfully tested the control algorithms between our batteries, power generation system, and EPUs. We are now focused on building out the team. Eric Sampson, who has been a member of the vertical leadership team for a number of years and has exceptional experience, particularly from Gulfstream, from 5 separate engineering and certification programs, including the G650, has been appointed VP program hybrid. As we have stated, we are targeting our piloted hybrid flight tests in 2026.

我們已經開發並成功測試了電池、發電系統和 EPU 之間的控制演算法。我們現在專注於組建團隊。艾瑞克桑普森 (Eric Sampson) 被任命為混合項目副總裁，他多年來一直擔任垂直領導團隊成員，擁有豐富的經驗，尤其是在灣流公司，參與過包括 G650 在內的 5 個獨立工程和認證項目。正如我們所說，我們的目標是在 2026 年進行有人駕駛的混合飛行測試。

I'd like to remind you that our aircraft does not require any material changes to accommodate a hybrid powertrain. We will use the same VX4 EV toll aircraft, remove half the batteries, and accommodate a gas turbine, extending the range up to 1,000 miles or 1,600 kilometers and payload up to kgs1,200 or over GBP2,600.

我想提醒您，我們的飛機不需要進行任何材料改變來適應混合動力系統。我們將使用相同的 VX4 EV 收費飛機，取出一半的電池，並安裝一台燃氣渦輪機，將航程延長至 1,000 英里或 1,600 公里，有效載荷延長至 1,200 公斤或超過 2,600 英鎊。

We had the foresight to design our aircraft for versatility, allowing us to adapt our existing aircraft rather than design a new one.

我們有遠見地設計了多功能飛機，使我們能夠改造現有飛機，而不是設計新飛機。

This was due to design decisions made years ago to ensure our air freight cabin capacity was industry leading.

這是因為多年前做出的設計決策確保了我們的空運客艙容量處於行業領先地位。

Uniquely for this type of aircraft in sector, VX4 is flexible enough to accommodate 4 business passengers or 6 passengers in economy style seating, each in standard helicopter sized seats.

VX4 是該領域中此類飛機中獨一無二的機型，其靈活性足以容納 4 名商務乘客或 6 名經濟艙乘客，每位乘客都坐在標準直升機大小的座位上。

And we expect to have leading luggage capacity with 1 checking bag, one carry-on bag, and one rucksack, up to GBP70 per person.

我們預計行李容量將達到最大，包括 1 個托運行李、1 個隨身行李和 1 個背包，每人最多 70 英鎊。

All with the same airframe, and with a bulwark between passengers and the pilot, creating additional levels of safety and security for passengers.

所有飛機都採用相同的機身，並在乘客和飛行員之間設有隔離牆，為乘客提供了額外的安全保障。

We're able to deliver the best in class EV toll aircraft due to the strength of our global tier one aerospace supply chain.

憑藉我們全球一級航空航天供應鏈的強大實力，我們能夠提供一流的電動收費飛機。

We're committing now to long league procurement with our key suppliers, locking in both security and competitive pricing for critical components.

我們現在致力於與主要供應商進行長期採購，確保關鍵零件的安全性和有競爭力的價格。

Yesterday we announced our long-term partnership with Esatori Aerostructures to supply the airframe for the VX4 EV toll, and hybrid aircraft, including the wing, empanage, pylons and fuselage of both the pre-production and certified VX-4 that will enter into service.

昨天，我們宣布與 Esatori Aerostructures 建立長期合作夥伴關係，為 VX4 EV 收費飛機和混合動力飛機提供機身，包括即將投入使用的預生產和認證 VX-4 的機翼、尾翼、吊架和機身。

Astori brings nearly 50 years of experience in commercial aircraft programs, including the design and manufacturing of major airframe components for Airbus, Boeing, and Embrare, including the A320 737 and Embrare KC 390, as well as experience of developing airframes for EV tolls, including EV.

阿斯托里擁有近 50 年的商用飛機專案經驗，包括為空中巴士、波音和巴西航空工業公司設計和製造主要機身零件，包括 A320 737 和巴西航空工業公司 KC 390，以及為電動車（包括 EV）開發機身的經驗。

We are now looking forward to combining the expertise of our engineering team with Aittori's proven track record in high quality aerospace manufacturing.

我們現在期待將我們的工程團隊的專業知識與 Aittori 在高品質航空航太製造方面的成功經驗相結合。

This builds on our expanded partnership with H1ywell, which we announced earlier this year, which covers flight control and aircraft management systems for our production aircraft through to 2035. Through our expanded collaboration, H1ywell will work with Vertical to certify some of the critical systems on the VX4, including its Anthem flight deck.

這是在我們今年稍早宣布的與 H1ywell 擴大合作夥伴關係的基礎上建立的，該合作夥伴關係涵蓋我們生產飛機的飛行控制和飛機管理系統，直至 2035 年。透過擴大合作，H1ywell 將與 Vertical 合作認證 VX4 上的一些關鍵系統，包括其 Anthem 駕駛艙。

We expect further news on our airframe composites and other key areas of the VX4 to be announced in the coming weeks and months as we continue to solidify our supply chain. By committing now to supplying the VX4 pre-production and entry into service aircraft, our partners are demonstrating deep alignment with our long-term production and certification road maps. These partners understand the scale of what we're building and they're investing alongside us.

隨著我們繼續鞏固我們的供應鏈，我們預計在未來幾週和幾個月內將公佈有關我們的機身複合材料和 VX4 其他關鍵領域的更多消息。透過現在承諾供應 VX4 預生產和投入使用的飛機，我們的合作夥伴表明了與我們的長期生產和認證路線圖的深度一致性。這些合作夥伴了解我們正在建造的規模，並與我們一起投資。

Just to remind you, all of this underpins the assembly of our first pre-production aircraft in December 2026.

提醒一下，所有這些都為我們在 2026 年 12 月組裝第一架預生產飛機奠定了基礎。

I'd now like to hand over to our Chief Commercial Officer, Michael Chevenka, to go into more detail about our recent partnership with Bristow.

現在，我想將時間交給我們的商務長 Michael Chevenka，他將更詳細地介紹我們最近與 Bristow 的合作關係。

Thanks, Stuart. Our partners support Vertical every step of the way. Vertical is developing, building, and selling the leading EV toll in the sector, and we're backed by the industry's leading pre-order book of blue chip names such as American Airlines, Avalon, and Japan Airlines.

謝謝，斯圖爾特。我們的合作夥伴在 Vertical 的每一步都提供支援。Vertical 正在開發、製造和銷售該領域領先的電動車收費站，並且我們得到了美國航空、阿瓦隆和日本航空等業內領先藍籌股公司預訂單的支持。

This quarter we deepened our commercial relationship with Bristow by Revenue, the world's largest helicopter operator.

本季度，我們深化了與全球最大的直升機營運商 Bristow by Revenue 的商業關係。

I've had the privilege of working closely with Bristow over many years, and I am continually impressed by the expertise, pragmatism, and thoughtful vision and leadership of Dave Stepanic and his team.

多年來，我有幸與布里斯托密切合作，戴夫·史蒂芬尼克 (Dave Stepanic) 和他的團隊的專業知識、務實精神、深思熟慮的遠見和領導力給我留下了深刻的印象。

Bristow has over 75 years unrivaled experience in vertical lift, leading the way with an absolute focus on safety.

布里斯託在垂直升降領域擁有超過 75 年的無與倫比的經驗，並始終專注於安全，引領產業發展。

It has been the first of type operator for many brand new helicopters and operates in 18 countries across 6 continents with all the prerequisite air operator certificates, Part 145 and 147 maintenance and maintenance training approvals.

它是許多全新直升機的首家同類運營商，業務遍及六大洲 18 個國家，擁有所有必備的航空運營商證書、第 145 和 147 部分維護和維護培訓批准。

Presto already has over 900 pilots and a similar number of engineers.

Presto 已擁有超過 900 名飛行員和同樣數量的工程師。

Not only did Bristow double its pre-order from 50 to 100 aircraft, but we have developed a strategic partnership to accelerate global EV to adoption by combining Vertical's category leading aircraft with Bristow's vertical lift operational and safety track record and experience.

Bristow 不僅將其預訂量從 50 架增加到 100 架，而且我們還建立了戰略合作夥伴關係，透過將 Vertical 的領先飛機與 Bristow 的垂直升力運營和安全記錄和經驗相結合，加速全球電動車的普及。

We are developing a scalable Cali EVel operations platform for those seeking to operate the VX4.

我們正在為想要操作 VX4 的人開發一個可擴展的 Cali EVel 操作平台。

This partnership will offer to Vertical's current and prospective customers a ready to fly model providing turnkey aircraft and operation solutions, including trained pilots, maintenance and insurance.

此次合作將為 Vertical 的現有和潛在客戶提供即飛機型，提供交鑰匙飛機和營運解決方案，包括訓練有素的飛行員、維修和保險。

We will be able to provide a fully integrated solution to launch services without our customers building operational infrastructure from scratch, allowing them to focus on passenger experience, sales, and network integration.

我們將能夠提供完全整合的解決方案來推出服務，而無需我們的客戶從頭開始建立營運基礎設施，使他們能夠專注於乘客體驗、銷售和網路整合。

This is a first for the EV toll industry which we believe will lower the barriers to entry for future customers.

這是電動車收費產業的首創，我們相信這將降低未來客戶的進入門檻。

This operating model is a key and well established part of aviation already, for example, across the regional airline industry.

這種營運模式已經成為航空業的關鍵且成熟的部分，例如在整個區域航空業。

Standing up all the elements needed for customers to benefit from EV tolls is a marathon, not a sprint, but this joint offering from Vertical and Bristow will allow VX4 customers to focus on customer experience, ticket sales, and network integration, while Bristow and Vertical jointly manage aircraft operations on their behalf.

為客戶從電動車收費中受益所需的所有要素是一場馬拉松，而不是短跑，但 Vertical 和 Bristow 的聯合服務將使 VX4 客戶能夠專注於客戶體驗、機票銷售和網絡集成，而 Bristow 和 Vertical 則代表他們共同管理飛機運營。

This is about making EVT operations simpler and ensuring that by 2030, the VX4 is the international EV toll of choice.

這是為了簡化 EVT 操作，並確保到 2030 年，VX4 成為首選的國際電動車收費站。

Please let me hand back to Stuart.

請讓我將麥克風交還給史都華。

Thank you, Michael.

謝謝你，麥可。

In addition to the progress we've made with strategic tier one suppliers and partners, we have also continued to strengthen our leadership, both on the leadership team and the board.

除了我們與策略一級供應商和合作夥伴的進展之外，我們還繼續加強領導團隊和董事會的領導力。

Starting with our leadership team, as we announced last month, we have expanded our leadership team with the appointment of Mark Hixson as COO. In keeping with our aerospace heritage, Mark was trained as an aerospace engineer and brings 4 decades of leading complex global organizations to Vertical.

從我們的領導團隊開始，正如我們上個月宣布的那樣，我們已擴大領導團隊，任命馬克希克森 (Mark Hixson) 為營運長。為了繼承我們的航空航天傳統，馬克接受了航空航天工程師的培訓，並將 40 年領導複雜全球組織的經驗帶到了 Vertical。

He began his career at BAE and more recently served as an advisor to McKinsey and Advent portfolio companies.

他的職業生涯始於 BAE，最近擔任麥肯錫和 Advent 投資組合公司的顧問。

Mark's strong operational expertise has become increasingly valuable as he has worked to drive the engineering team forward.

隨著馬克致力於推動工程團隊向前發展，他強大的營運專業知識變得越來越有價值。

Alongside Mark, Steve Vellicott has joined as the VP of airworthiness and head of a design organization. Steve spent 3 decades at Leonardo helicopters working closely with EASA on certifying rotorcraft and brings incredible certification experience as we accelerate towards our stated certification date.

除了馬克之外，史蒂夫維利科特 (Steve Vellicott) 也加入該公司擔任適航副總裁和設計組織負責人。史蒂夫在萊昂納多直升機公司工作了 30 年，與歐洲航空安全局密切合作，對旋翼機進行認證，並為我們加速實現既定的認證日期帶來了令人難以置信的認證經驗。

In the executive team alone, not including the wider company, our team has been involved in certifying dozens of aircraft and propulsion systems. What we know deeply is how to certify, which is why we are confident in our target certification date of 2028.

僅在執行團隊中（不包括整個公司），我們的團隊就參與了數十架飛機和推進系統的認證。我們深知如何進行認證，因此我們對 2028 年的目標認證日期充滿信心。

Further sporting vertical is our recently bolstered board of directors, and Lord Andrew Parker is our latest appointment. Formerly Director General of MI5 and Lord Chamberlain, head of the Royal Household.

進一步的體育垂直化是我們最近加強的董事會，安德魯·帕克勳爵是我們的最新任命。曾任英國軍情五處局長、宮務大臣、王室首相。

Lord Parker has unparalleled access and insights into UK government, as well as having substantial experience on the board of one of the UK's largest defense companies.

帕克勳爵對英國政府有著無與倫比的了解和洞察力，並且在英國最大的國防公司之一的董事會中擁有豐富的經驗。

He has already offered strong guidance as we consider the first locations for our manufacturing facilities, and looking ahead, his deep understanding of government contracts and national security needs will prove invaluable as we strengthen our hybrid strategy and defense offering.

當我們考慮製造工廠的首批選址時，他已經提供了強有力的指導，展望未來，他對政府合約和國家安全需求的深刻理解將在我們加強混合戰略和國防產品的過程中發揮無價的作用。

Earlier this year, we also appointed Chris Haber, JK Brown, and Carson Sendervan, who are proving great unlocks to new sources of capital.

今年早些時候，我們還任命了 Chris Haber、JK Brown 和 Carson Sendervan，他們為開闢新的資本來源發揮了重要作用。

These appointments are already adding value as we enter the critical pre-certification phase, resulting in improved technical insight, additional capital market access, and finally unparalleled knowledge and routes into the UK, European and global defense markets.

當我們進入關鍵的預認證階段時，這些任命已經增加了價值，從而提高了技術洞察力，增加了資本市場准入，並最終獲得了進入英國、歐洲和全球國防市場的無與倫比的知識和途徑。

We are confident in our clearly defined route certification underpinning Flight Path 2030 due to our momentum and progress to date, but also due to our improved capital position.

鑑於我們迄今為止的發展勢頭和取得的進展，以及我們改善的資本狀況，我們對支持 Flight Path 2030 的明確航線認證充滿信心。

In July, we launched a successful follow-on raise, raising a gross total of approximately $70 million and taking the total raise in 2025 to nearly $160 million.

7 月份，我們成功啟動了後續融資，融資總額約 7,000 萬美元，到 2025 年，融資總額將達到近 1.6 億美元。

This most recent raise included strong participation from both existing and new investors, and it gives us operational agility while strengthening our position is the leading Eveto OEM for capital efficiency.

此次融資得到了現有投資者和新投資者的大力參與，這不僅增強了我們的營運靈活性，還鞏固了我們在資本效率方面領先的 Eveto OEM 的地位。

Our current capital position enables us to complete our 2025 flight test campaign, including piloted transition flight, complete the build of our third prototype aircraft or final prototype aircraft which will double our flight testing capability. This aircraft, as I've already said, will be flown both EV toll and then hybrid.

我們目前的資本狀況使我們能夠完成 2025 年的飛行測試活動，包括有人駕駛的過渡飛行，完成第三架原型機或最後一架原型機的建造，這將使我們的飛行測試能力翻倍。正如我已經說過的，這架飛機將採用純電動和混合動力兩種方式飛行。

Begin the assembly of our next aircraft, our pre-production or certification aircraft, and continue to expand our certification aircraft supply chain, critical step in accelerating our path towards commercialization at scale.

開始組裝我們的下一架飛機、我們的預生產或認證飛機，並繼續擴大我們的認證飛機供應鏈，這是加速我們大規模商業化進程的關鍵一步。

Our guidance for this year remains unchanged, with $110 million to $125 million net cash used in operating activities, and our cash run away takes us into the middle of 2026 with our cash and cash equivalents as of today, approximately $139 million.

我們對今年的預期保持不變，經營活動淨現金使用量為 1.1 億至 1.25 億美元，我們的現金流失將持續到 2026 年中期，截至今天我們的現金和現金等價物約為 1.39 億美元。

To sum up, our capital efficiency for leading flight test progress is unparalleled. We have the strongest partners in supply chain, blue chip customer backing, and the largest, most scalable aircraft in the sector, uniquely being certified to the highest levels of safety in aviation.

總而言之，我們引領飛行測試進度的資本效率是無與倫比的。我們擁有最強大的供應鏈合作夥伴、藍籌客戶支援以及業內最大、最具可擴展性的飛機，並獲得了航空業最高安全級別的認證。

And as we have explained, our leading large airframe is being built by Tier one Astori and accommodates our hybrid variant also.

正如我們所解釋的，我們領先的大型機身由一級供應商 Astori 製造，並且也適用於我們的混合動力機型。

We are building toward a future where electric flight is real, safe, and scalable.

我們正在建立一個電動飛行真實、安全且可擴展的未來。

We're not just checking boxes, we are delivering against a clear road map with team technology and partnerships that are second to none.

我們不只是檢查箱子，我們還透過團隊技術和首屈一指的合作夥伴關係，按照清晰的路線圖進行交付。

Our momentum is strong, and I remain confident in our ability to certify the VX4 by our stated timeline.

我們的勢頭強勁，我仍然對我們在規定的時間內認證 VX4 的能力充滿信心。

To provide more details on our progress and what we will accomplish over the coming months and years to bring the VX 4 to market in 2028, and what comes beyond, we will be hosting a capital markets event in person in New York on the 17th of September.

為了更詳細地介紹我們的進展以及我們將在未來幾個月和幾年內完成哪些工作，以便在 2028 年將 VX 4 推向市場，以及未來的計劃，我們將於 9 月 17 日在紐約親自舉辦一場資本市場活動。

Please stay tuned for further details on this in the coming days.

請在未來幾天繼續關注有關此事的更多詳細資訊。

Thank you for your continued support. We look forward to seeing you in New York next month. With that, I'll hand it over to our operator for Q&A.

感謝您一直以來的支持。我們期待下個月在紐約見到您。說完這些，我將把它交給我們的操作員進行問答。

We are now opening the floor for question and answer session. If you'd like to ask a question, please press star, followed by one on your telephone keypad. Your first question comes from the line of Edison you of Deutsche Bank. Your line is now open.

我們現在開始問答環節。如果您想提問，請按星號，然後在電話鍵盤上按 1。您的第一個問題來自德意志銀行的愛迪生。您的線路現已開通。

Hey, thank you for taking our questions. I wanted to follow up on the comments you made about defense. Obviously, the macro trends are very favorable in Europe. Can you give us a flavor of what kind of missions or use cases that you're in discussions about taking part in?

嘿，感謝您回答我們的問題。我想跟進你關於防禦的評論。顯然，歐洲的宏觀趨勢非常有利。您能否向我們介紹一下您正在討論參與的任務類型或用例？

Yeah, of course, morning Edison, thanks for the question. As you say, the macro trends are really incredible. I think this has been one of the successes of the Trump presidency, getting NATO and Europe to put their hands in the pocket, and increase defense spending over the next 7 years from around $300 billion to $1 trillion, and that's a staggering amount of money and an incredible achievement, given the background against, people have been asking for this for many years. In terms of the missions, as you can imagine, the military are extraordinarily excited by the capability of the aircraft, silent takeoff and landing with no noise signature, effectively no heat signature is phenomenal in terms of what that kind of opens up. Then with the hybrid, being able to turn that on and fly a range of up to a. T1,000 miles, 1,600 kilometers with a payload of kgs1,200 or about GBP2,700, you open up, whether it's logistics, moving, we can get 8 full-size marines plus all their kit in the aircraft. I don't think anyone else comes close to that level of capability. So I think the missions are innumerable. It's an incredible opportunity. And I just remind you, we flew this aircraft in front of the most influential military people in the world when we flew into and out of the largest military air show in the world recently. So we are front and center for this. We're in a great position to take take advantage of it.

是的，當然，早安，愛迪生，謝謝你的提問。正如你所說，宏觀趨勢確實令人難以置信。我認為這是川普總統任期內的成功之一，讓北約和歐洲掏腰包，在未來 7 年內將國防開支從約 3000 億美元增加到 1 兆美元，這是一個驚人的數額，也是一個令人難以置信的成就，考慮到當時的背景，人們多年來一直在要求這樣做。就任務而言，你可以想像，軍方對飛機的能力感到異常興奮，無聲起飛和降落，沒有噪音信號，實際上沒有熱信號，就這種開放性而言，這是驚人的。然後使用混合動力，能夠打開它並飛行至多 a 的範圍。1,000 英里，1,600 公里，有效載荷 1,200 公斤或約 2,700 英鎊，您可以放心，無論是後勤還是運輸，我們都可以將 8 名全尺寸海軍陸戰隊員及其所有裝備裝上飛機。我認為沒有人能夠達到這種水準的能力。所以我認為任務是無數的。這是一個難得的機會。我還要提醒大家的是，最近我們在世界上最大的軍事航展上駕駛這架飛機，並在世界上最有影響力的軍事人士面前進行了飛行表演。因此，我們處於這一問題的中心。我們處於非常有利的位置，可以利用它。

Got it. And then switching gears just to the rest of the year, obviously you got quite a few things, quite a few streams going on in the next 6 to 9 months. How are you feeling about the full transition, pilot the full transition in the second half? What do you think are the biggest, hurdles, if any, to achieving that?

知道了。然後轉到今年剩餘的時間，顯然在接下來的 6 到 9 個月裡你會遇到很多事情，有很多流程正在進行。您對下半年的全面過渡、試辦全面過渡有何感受？您認為實現這目標的最大障礙是什麼？

Great, we've been clear, and I've been clear, since I launched Flight Path 2030 that we'd be doing full transition in Q4 this year. We are still absolutely on track for that. The engineering is going brilliantly at the minute, what we have is a huge truck with a big pylon on it that's driving up and down a runway at high speed with a tilt actuation. On the front covered in sensors, producing huge amounts of data that we take back compared to our model, and then we prove that our model of our aircraft is correct and we provide that to our regulator. And just to bring this really into sharp focus, we have done everything bar maybe a 20 to 32nd period of The transition and then the slow down to landing. What I mean by that is we've taken off vertically, we've flown around up to 30 knots. We've also flown horizontally like a conventional aircraft and slowing down to 70 knots just above stall speed. We're only proving out what happens in this period between 30 knots and 70 knots when you're flying on the wing. That's the better of data we're gathering, we provide it to the regulator, and then we'll be up and running, and flying. And I see that as a huge unlock because that has proved the concept of our aircraft. We have done everything with it then, full transition's done that. We are literally then into the shrink wrap and beautification of the product, and as we're building our first certification aircraft that'll be ready for testing the end of next year. So hopefully that makes sense, Edison.

太好了，自從我推出 Flight Path 2030 以來，我們就一直很清楚，我也一直很清楚，我們將在今年第四季進行全面轉型。我們目前仍在朝著這個目標前進。目前工程進展順利，我們有一輛巨大的卡車，上面有一個巨大的塔架，它以傾斜驅動的方式在跑道上高速來回行駛。前端覆蓋著感測器，產生大量數據，我們將這些數據與我們的模型進行比較，然後證明我們的飛機模型是正確的，並將其提供給我們的監管機構。為了真正清晰地關注這一點，我們已經做了一切，除了大約 20 到 32 個過渡期，然後減速到著陸。我的意思是我們已經垂直起飛，飛行速度高達 30 節。我們也像傳統飛機一樣水平飛行，並減速至略高於失速速度的 70 節。我們只是在證明當你在機翼上飛行時，在 30 節到 70 節之間的這段時間內會發生什麼。這是我們收集的更好的數據，我們將其提供給監管機構，然後我們就可以運行並飛行了。我認為這是一個巨大的突破，因為這證明了我們飛機的概念。我們已經完成了所有工作，全面過渡已經完成。我們實際上正在對產品進行收縮包裝和美化，我們正在建造第一架認證飛機，該飛機將於明年年底投入測試。所以希望這是有意義的，愛迪生。

Yeah, so like, and last one from me, you mentioned the investor day coming up.

是的，最後一個問題，您提到了即將到來的投資者日。

Can you give us a, maybe a tease about what kind of topics you may address? Will you be updating some of the financials that you had previously disclosed any color that would be great.

您能否透露一下您可能會討論哪些主題？您是否會更新一些您之前披露過的財務數據，這很好。

Yeah, of course. And this has been a remarkable 12 months for us, if you look back to putting it as putting out Flight Plan 2030 for the first time, I think we're still the only company in this space that has really put out precise financial figures through this year, 28, 2030, and beyond.

是的，當然。對我們來說，這是非凡的 12 個月，如果回顧一下我們首次發布的 2030 年飛行計劃，我認為我們仍然是這個領域唯一一家真正公佈了今年、2030 年及以後精確財務數據的公司。

So much has changed that we felt it was worth going back and updating the market on those specifically on the hybrid opportunity in terms of volumes, revenues and margin, but also expanding a little bit about batteries. I think people are still struggling to understand how that plays in. And to remind everyone, batteries will be over 50% of our revenue, about 5 to 7 years after. Entering service at a 40% margin. That's a phenomenal business model to have the razor razor blade model. So we will bring some more details around that. We'll also be very transparent on the cost of certification. I've been saying this for the past year, we talk about it in Q4 this year, so we will be doing that. We'll be talking about the sources of funding. And the uses of them as we drive through certification. We'll also provide some detail around our manufacturing plans, and I'm really pleased to say we'll have a couple of keynote speakers, one of which will be Lord Parker, who will be talking around what is the geopolitical environment, particularly around the defense opportunity for us.

發生瞭如此多的變化，我們覺得值得回顧並更新市場，特別是混合動力汽車在銷售、收入和利潤方面的機遇，同時也稍微擴展一下電池方面的資訊。我認為人們仍然難以理解其中的原因。需要提醒大家的是，大約 5 到 7 年後，電池將占我們收入的 50% 以上。以 40% 的利潤率投入服務。剃刀刀片模型是一種非凡的商業模式。因此我們將提供有關此問題的更多細節。我們也將非常透明地公開認證成本。過去一年我一直在說這個，我們在今年第四季討論這個，所以我們會這樣做。我們將討論資金來源。以及我們在通過認證時對它們的用途。我們還將提供有關我們的製造計劃的一些細節，我很高興地說，我們將有幾位主旨發言人，其中一位是帕克勳爵，他將談論地緣政治環境，特別是我們的國防機會。

Thank you very much. Thanks, Edison, really appreciate it.

非常感謝。謝謝，愛迪生，真的很感激。

The next question comes from the line of savvisit of Raymond James, your line is now open.

下一個問題來自 Raymond James 的 savvisit 熱線，您的熱線現已開放。

Hey, good morning. If I might, I just, on the you had mentioned, I think there the next aircraft could be pre-production or certification conforming, but then you also mentioned you're building a certification conforming aircraft next year and up for and we'll be ready for testing by the end of next year. Just curious if I misheard that and you know where you are in the in kind of completing that PVR and CDR and the drivers of kind of the position on kind of what you build next after aircraft 3.

嘿，早安。如果可以的話，我只是，關於您提到的，我認為下一架飛機可能是預生產或符合認證的，但您也提到您將在明年建造一架符合認證的飛機，我們將在明年年底準備好進行測試。我只是好奇如果我聽錯了，你知道你在完成 PVR 和 CDR 方面處於什麼位置，以及在飛機 3 之後你下一步要建造什麼的驅動因素。

Yeah, of course. So just to confirm, Say, you're absolutely right. So first, thanks for the question. Aircraft 3 is a an exact copy of Aircraft 2, we'll fly an electric, decommission, put the hybrid in, it'll be flying as a hybrid next year.

是的，當然。所以只是為了確認一下，Say，你是完全正確的。首先感謝您的提問。飛機 3 是飛機 2 的精確複製品，我們將駕駛電動飛機飛行，退役後換上混合動力飛機，明年它將以混合動力飛機飛行。

The aircraft we build after that will be our first certification compliant aircraft. We'll have locked in the supply chain, it'll reflect the certification aircraft. So this, we don't have non-conforming conforming. We have built out our prototype, we've proved the concept when we do full piloted transition. We'll double our engineering learnings from it with the aircraft 3, and the next one we build to send. The next year will be our first certification ready aircraft that we then will be flying and proving that out with the regulator. But remember, we start from a point where we've already proved the concept of the aircraft works because of all the regulatory involvement we've had over the past 3 years. So this, I'm so excited to get to December next year, because that will be the first aircraft and people will really be able to see how this looks. A huge next 18 months.

我們之後建造的飛機將是我們第一架符合認證要求的飛機。我們將鎖定供應鏈，它將反映認證飛機。因此，我們沒有不符合要求的。我們已經建造了原型，在進行全面駕駛過渡時我們已經證明了這個概念。我們將透過第三架飛機以及即將建造的下一架飛機加倍累積工程學知識。明年我們將推出第一架準備認證的飛機，然後我們將進行飛行並與監管機構進行驗證。但請記住，我們從一個已經證明飛機概念可行的角度出發，因為過去 3 年我們一直參與監管工作。所以，我很高興能到明年 12 月，因為那將是第一架飛機，人們將能夠真正看到它的樣子。接下來的 18 個月將是巨大的。

Looking forward to that. If I might also just on the long term parts purchases, how much of, between what you've announced so far, just how much of the buildup materials has been secured to date and then I was curious if there are any kind of non-recurring engineering costs associated with this, or is that something your partners will cover and when that might come if they don't cover it.

非常期待。如果我還可以談論長期零件採購，那麼到目前為止，您宣布的採購中有多少是已經到位的，有多少構建材料已經到位，然後我想知道是否有任何與此相關的非經常性工程成本，或者這是您的合作夥伴將承擔的部分，如果他們不承擔的話，什麼時候會承擔。

Yeah, of course. So today, just to remind you, we've signed a billion dollars dollar deal with H1ywell for everything, the pilot, see, feels, touches, and all the software behind how the aircraft is controlled. So that's a huge amount, and it's difficult to say what proportion, but if you think of what that means, we have put the foundations in for the aircraft locked in with a company that knows how to certify. The next contract we announced with Astori, that is effectively all of the physical aircraft. So those are the two major bits of the aircraft. We also have locked in Hawa providing tilt actuators, one of the more complex mechanical bits on the aircraft. So there's a huge amount already done. Opt in as a supply chain for the certification aircraft. There's a lot more you'll see coming down the pipe over the next 6 months. Those will be some of the things you will see between now and December as we tie in more, and we'll provide a bit more clarity of that when we get to the capital market day. In terms of non-recurring expenditure.

是的，當然。所以今天，只是為了提醒你，我們已經與 H1ywell 簽署了一項價值 10 億美元的協議，涵蓋一切，包括飛行員的視覺、感覺、觸覺以及飛機控制背後的所有軟體。這是一個巨大的數目，很難說具體比例是多少，但如果你想想這意味著什麼，我們已經為飛機奠定了基礎，並與一家知道如何認證的公司達成了協議。我們與 Astori 宣布的下一份合約實際上涉及所有實體飛機。這就是飛機的兩個主要部件。我們還與 Hawa 簽訂了協議，為其提供傾斜執行器，這是飛機上較複雜的機械部件之一。因此，我們已經完成了大量工作。選擇加入認證飛機的供應鏈。在接下來的六個月裡，您還會看到更多的事情發生。從現在到 12 月，隨著我們進一步整合，您將會看到這些內容，而當我們進入資本市場日時，我們將對此提供更清晰的說明。在非經常性支出方面。

That is something you will see stepping up over the next 12 to 18 months. As we're incredibly capital efficient. We've done all of this, when we fly full scale piloted, we'll have done it at significantly less than a billion dollars than anyone else, but to a far higher standard, because we've done it with regulatory oversight every single step of the way. Now, as we lock in the supply chain, we then get into having to pay some non-recurring expenditure, whether it's engineering or we start laying out for the production tooling. And that's where we got some choices to make around hard tooling, soft tooling, etc.

在接下來的 12 到 18 個月內，你會看到這種情況不斷加劇。因為我們的資本效率極高。我們已經完成了所有這些工作，當我們進行全尺寸試飛時，我們的成本將比其他任何人少得多，但標準卻高得多，因為我們在每一步都受到監管監督。現在，當我們鎖定供應鏈時，我們必須支付一些非經常性支出，無論是工程費用還是我們開始為生產工具進行佈局。這就是我們在硬工具、軟工具等方面所做的選擇。

That we'll look at over the coming 12 to 18 months. But that will drive a bit of first step up in the spend over the next 18 months.

我們將在未來 12 到 18 個月內對此進行研究。但這將推動未來 18 個月支出的初步增加。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Thanks Abby.

謝謝艾比。

Your next your next question comes from the line of Austin Moeller of Countercor Genuity. Your line is now open.

您的下一個問題來自 Countercor Genuity 的 Austin Moeller。您的線路現已開通。

Hi there, Stuart and Michael. So just my first question here, if we think about the aircraft that you're going to build after aircraft 3, presumably all of those that you're using for TC testing with the CAA will have an electric powertrain and the hybrid powertrain aircraft would have to go through a separate parallel certification process.

嗨，斯圖爾特和邁克爾。所以我的第一個問題是，如果我們考慮您在第 3 架飛機之後要製造的飛機，那麼想必您在民航局進行 TC 測試時使用的所有飛機都將配備電動動力系統，而混合動力飛機則必須經過單獨的並行認證流程。

Yeah, morning, Austin, many thanks for the question. So you're absolutely correct. The aircraft that we build in December next year is a full electric aircraft, and then we'll build out another 4 or 5 of them that will just prove out this certification aircraft works, we'll prove out our manufacturing capabilities around it as well. I think just to be clear on the hybrid.

是的，早上好，奧斯汀，非常感謝你的提問。所以你完全正確。我們明年 12 月建造的飛機是全電動飛機，然後我們將建造另外 4 到 5 架，以證明這架認證飛機的有效性，我們也將證明我們圍繞它的製造能力。我認為只是為了明確混合。

Because our hybrid is effectively the same aircraft, we take out a couple of batteries, install the hybrid in it, we've got plenty of space for that. We can still fit, all of the people we need to in it. We've got the largest airframe in the industry, and we will be flying the hybrid next summer, full scale, piloted to prove the concept. That means it's an incredibly fast follower through the certification process.

因為我們的混合動力飛機實際上是同一架飛機，所以我們取出幾個電池，將混合動力飛機安裝在其中，我們有足夠的空間。我們仍然可以容納所有需要的人。我們擁有業內最大的機身，明年夏天我們將進行混合動力飛機的全面試飛，以驗證這個概念。這意味著它在認證過程中的速度非常快。

So all electrics still on track for 2028, and we expect the hybrid to be a very fast follower through into 2029. That's how we're seeing this play out Austin. Hopefully that brings a bit of color around it.

因此，到 2028 年，所有電動車仍將按計劃發展，我們預計到 2029 年，混合動力汽車將很快跟進。這就是我們所看到的奧斯汀的情況。希望這能為它帶來一些色彩。

And would that hybrid powertrain be introduced with a supplemental type certificate, or is that not how the process works with the CIA?

混合動力系統是否會透過補充型號合格證引入，或者這不是 CIA 的工作流程嗎？

So yes, you do have to certify that product, but remember, all we're really doing is a modification to the current aircraft. So everything else is there, the flight control system, the airframe, all of that is there. We're just dropping in another propulsion system. So in terms of the step to go from the 4. Electric, the hybrid, it's way less than I think people expect or understand because we take the current aircraft we have.

所以是的，你確實必須對該產品進行認證，但請記住，我們實際上所做的只是對現有飛機的修改。所以其他一切都在那裡，飛行控制系統、機身，所有一切都在那裡。我們只是引進了另一個推進系統。因此，就從 4 開始的步驟而言。電動、混合動力，我認為比人們預期或理解的要少得多，因為我們使用的是現有的飛機。

So we're incredibly lucky by having the right design fundamentals, the right size aircraft and airframe from day one, we can drop in the hybrid and off we go. It's a great position to be in.

因此，我們非常幸運，從第一天起就擁有了正確的設計基礎、合適尺寸的飛機和機身，我們可以採用混合動力，然後我們就可以出發了。這是一個很好的職位。

Okay, and just one more question. If we think about the cash burn into the first half of 2026, do you have GBP104 million pounds right now? Does that enable you to build aircraft 3 and then build the next aircraft that you're referring to, or does that sort of get partially through the construction process and get the long leads going with the supply chain?

好的，還有一個問題。如果我們考慮 2026 年上半年的現金消耗，您現在有 1.04 億英鎊嗎？這是否使您能夠建造第三架飛機，然後建造您所指的下一架飛機，或者這是否可以部分完成建造過程並獲得供應鏈的長期領先？

So, we, as I said earlier to Edison's question, will bring a lot more clarity to the financials over the next 12 and 3 years at the capital market day. As we stand here today, we have money through to the middle of next year, and we can do everything I've talked about, so we can. And already have initiated production of first aircraft for type certification testing. We'll build out aircraft 3, we'll fly it full scale piloted electric, we'll decommission, put the hybrid in. So we've developed that hybrid all within the cash envelope. We'll install it in the aircraft within the cash envelope and be flying it. So yeah, we've got all the money to keep driving forward as fast as possible on that.

因此，正如我之前回答愛迪生的問題時所說的那樣，我們將在資本市場日對未來 12 年和 3 年的財務狀況進行更清晰的說明。今天我們站在這裡，我們有錢到明年年中，我們可以做我所說的一切，所以我們可以。並且已經開始生產第一架飛機進行型號認證測試。我們將建造 3 號飛機，我們將全尺寸駕駛電動飛機飛行，我們將退役飛機，並投入混合動力飛機。因此，我們在現金範圍內開發了這種混合技術。我們將把它安裝在現金信封內的飛機上並進行飛行。是的，我們有足夠的資金來盡快推進這一目標。

Okay, great. I look forward to hearing more in September. Yeah.

好的，太好了。我期待在九月聽到更多消息。是的。

Thanks for the question, Austin.

謝謝你的提問，奧斯汀。

Your next question comes from the line of amit Deal of HC Wainwright. Your line is now open.

您的下一個問題來自 HC Wainwright 的 amit Deal。您的線路現已開通。

Thank you. Good morning, everyone. Start, just with respect to this, asciory partnership, does this imply, that your own CapEx needs from a manufacturing build out perspective will be lower than maybe what the street has been anticipating?

謝謝。大家早安。首先，就此而言，asciory 合作夥伴關係，這是否意味著，從製造建設的角度來看，您自己的資本支出需求將低於華爾街的預期？

So first of all, morning and thank you for the question. In terms of the specific CapEx needs through to certification, whether that's around manufacturing facilities, tooling, etc. That is one of the things we're going to be talking about when we do the capital market day, so. I don't want to get into the details of that now, but we will address it on the 17th of September. I think what I would say is, this deal with Astori is incredibly exciting for us as a business. They've got outstanding capability, we understand. Their culture and our culture, how they come together to really move at a pace people haven't seen in aerospace. We're both incredibly dynamic, passionate, fast moving companies, so we're so excited to be partnering with them for the build of our aircraft.

首先，早上好，感謝您的提問。就具體的資本支出需求直至認證而言，無論是圍繞製造設施、工具等。這是我們在資本市場日要討論的事情之一。我現在不想談論細節，但我們將在 9 月 17 日討論這個問題。我想說的是，與 Astori 的這筆交易對我們企業來說是一件非常令人興奮的事情。我們知道，他們擁有出色的能力。他們的文化和我們的文化，他們如何走到一起，以人們在航空航天領域從未見過的速度向前發展。我們都是非常有活力、充滿熱情、快速發展的公司，因此我們非常高興能與他們合作製造我們的飛機。

Understood, and with respect to the defense opportunity, what kind of milestones or what needs to happen within the EU, I guess, within that sector for you to potentially start building an order book, for these aircraft.

明白了，關於國防機會，我想，歐盟內部需要達到什麼樣的里程碑或發生什麼，才能開始為這些飛機建立訂單。

Yeah, good question. I think the fundamental thing, if I break it into a couple of things. First off, we signed off the hybrid or I signed this off 18 months ago. So this isn't a hope and a prayer.

是的，好問題。我認為，如果把最根本的事情分成幾件事的話。首先，我們簽署了混合協議，或者說我在 18 個月前就簽署了協議。所以這不是希望或祈禱。

This powertrain was working on the bench last summer. The single hardest thing to do is get the control algorithm to work between the power unit and the battery and our EPUs. We have broken the back on that, we know it works, this is why I was very happy to announce it. What we're doing now is replacing one power unit with a different one. So we've done the difficult stuff. We then install it in an aircraft and fly it in public, and to bring this to the consciousness of military, we flew a very public display of the aircraft in front of all the world's military into the world's biggest military air show a few weeks ago. So an incredible opportunity.

去年夏天，該動力系統正在試驗台上工作。最困難的事情是讓控制演算法在動力裝置、電池和我們的 EPU 之間發揮作用。我們已經突破了這一障礙，我們知道它是有效的，這就是我很高興宣布這一消息的原因。我們現在要做的是用另一個動力裝置取代一個動力裝置。所以我們完成了困難的事。然後我們將其安裝在飛機上並在公共場合飛行，為了讓軍方意識到這一點，我們在幾週前的世界最大的軍事航空展上向全世界軍方公開展示了這架飛機。這是一個難得的機會。

Now that's generated a huge amount of discussion. We'd already got a lot going on with British military. This has opened up many other opportunities by putting us in the spotlight of over 25 different militaries that were there at the react show. So we are in great shape. I wish I could say more about it. Now, but things are going very well. We've got the right airframe, we've got the right power train, we've got capability that no one else could match in terms of range and payload, and I think importantly, a certification date that is faster than most people think because we build on our certification of the electric aircraft.

這引起了大量的討論。我們已經與英國軍方進行了許多合作。這為我們帶來了許多其他機會，使我們成為 React 展會上 25 多個不同軍隊的焦點。所以我們的狀態非常好。我希望我能對此多說一些。現在，但事情進展得很順利。我們擁有合適的機身，擁有合適的動力傳動系統，擁有無人能及的航程和有效載荷能力，而且我認為重要的是，我們的認證日期比大多數人想像的要快，因為我​​們建立在電動飛機認證的基礎上。

Thank you, Stuart. That's all I have.

謝謝你，斯圖爾特。這就是我所擁有的一切。

Thank you, Emmet.

謝謝你，艾米特。

Your next question comes from the line of Amit Solson of the Borough.

您的下一個問題來自自治市鎮的阿米特·索爾森 (Amit Solson)。

Your line is still open.

您的線路仍然暢通。

Hi everyone. It's Jesse Silverson at Dero Capital.

大家好。我是 Dero Capital 的 Jesse Silverson。

Thanks for taking the.

感謝您的參與。

Questions here. Not to the points on the hybrid too much, but I was, curious, how do you see the hybrid complementing the fully electric VX with with the broader market strategy? What exactly is the goal there, when it comes to market following the fully electric model?

這裡有疑問。關於混合動力的觀點並不是太多，但我很好奇，您如何看待混合動力與全電動 VX 的互補以及更廣泛的市場策略？當談到全電動車型進入市場時，目標到底是什麼？

So, I think the first thing is, and I've said this already, we are so lucky that our airframe doesn't have to be adjusted, so we can bring this to market very quickly. In terms of complementing it, the first one is the military one that several people have asked about. There are huge opportunities, the geopolitical environment in which we sit now, we are the only European player providing this kind of product, and that European defense spending is. Going from $300 billion to $1 trillion over the next 7 to 10 years. So that it puts us in an absolutely unique position to access that market because we are the single only European player. So that is great. Now, I actually also look to the DOD and potential contracts there. I've signaled this before in the past, our first manufacturing facility will be in Europe, highly likely to be in the UK we're in deep discussions with the UK government about where we can locate it.

所以，我認為第一件事是，我已經說過了，我們很幸運，我們的機身不需要調整，所以我們可以很快將其推向市場。補充一下，第一個是好幾個人問到的軍事方面的。我們現在所處的地緣政治環境蘊藏著巨大的機遇，我們是唯一提供此類產品的歐洲國家，歐洲的國防開支也是如此。未來 7 到 10 年內從 3,000 億美元增加到 1 兆美元。因此，我們處於進入該市場的絕對獨特地位，因為我們是唯一歐洲參與者。這太棒了。現在，我實際上也關注國防部及其那裡的潛在合約。我以前就曾暗示過這一點，我們的第一個製造工廠將設在歐洲，很有可能設在英國，我們正在與英國政府就工廠的選址進行深入討論。

But I've always said the second manufacturing facility is highly likely to be in the US. Now we've got, I mentioned this earlier, a billion dollars dollar deal with H1ywell to supply everything the pilot sea feels and touches and everything that controls the aircraft. So we've got a deep link into US defense companies. We'll be putting our manufacturing facility here that's highly.

但我一直說第二家製造工廠很有可能設在美國。現在，我之前提到過，我們與 H1ywell 達成了一項價值 10 億美元的交易，為飛行員提供他們感覺和触摸到的一切以及控制飛機的一切。因此，我們與美國國防公司有著深厚的連結。我們將把我們的製造工廠建在這裡。

So I can see huge complimentary opportunity because we certify the VX 4 full electric and then very quickly follow with a certification hybrid. So I do think it puts us in a great light. There is also on top of all of that commercial opportunities for the hybrid, which opens up a lot of.

因此，我看到了巨大的免費機會，因為我們認證了 VX 4 全電動版，然後很快又認證了混合動力版。所以我確實認為它為我們帶來了很大的好處。除此之外，混合動力汽車還具有許多商業機會。

Different types of mission for the product. And maybe with that if I can just invite Michael to see if there's anything else he would like to add on that.

產品的不同類型的使命。也許我可以邀請麥可來看看他是否還有什麼要補充的。

Yeah, sure. I mean, it's a really good question. I think there's actually two complementary adjacents here. What we see with most of our commercial customers today is relatively short range missions, so things like connecting airports to the surrounding catchment area, tourism, so sightseeing, flying into hotels, luxury destinations, and then some short range regional connectivities where You might have geographical constraints that may mean it's difficult to get around on the ground. If you're flying those short emissions, so less than 100 miles, the battery solution is perfect.

是的，當然。我的意思是，這是一個非常好的問題。我認為這裡實際上有兩個互補的相鄰。我們今天看到的大多數商業客戶都是相對較短距離的任務，例如將機場與週邊集水區連接起來、旅遊、觀光、飛往酒店、豪華目的地，然後是一些短距離區域連接，在這些連接中，您可能會受到地理限制，這可能意味著難以在地面上出行。如果您的飛行距離較短（少於 100 英里），那麼電池解決方案是完美的選擇。

It's really designed for that opportunity. Where hybrid comes in is that ability to fly longer missions without need for charging stations on the ground, greater endurance, and so on. And really there's two kind of different use cases. So this is not just a defense opportunity. There's absolutely a helicopter displacement opportunity.

它確實是為了這個機會而設計的。混合動力飛機的優點在於，它能夠執行更長的任務，而無需地面充電站，續航時間更長，等等。實際上有兩種不同的用例。所以這不僅僅是一個防守機會。這絕對是一個直升機取代的機會。

So when you look at our hybrid variant, it looks really competitive against intermediate single light twin helicopters. That's about a 400 helicopter a year market that we think we can tap into.

因此，當您查看我們的混合直升機時，它看起來確實可以與中型單輕型雙發直升機相媲美。我們認為我們可以進入每年約 400 架直升機的市場。

And then as Stuart said, there's actually a huge spectrum of different defense use cases ranging from the logistics, medevac, AAC, ISR surveillance, etc. So they're really complementary. We don't really see one market cannibalizing the other. Effectively, we get two aircraft for the price of just over 1, with some really nice adjacent opportunities.

正如史都華所說，實際上存在大量不同的防禦用例，包括後勤、醫療後送、AAC、ISR 監視等。所以它們確實是互補的。我們並沒有真正看到一個市場蠶食另一個市場。實際上，我們只需花費 1 美元多一點的錢就可以買到兩架飛機，而且還能獲得一些非常好的相鄰機會。

Great, that's that's some really great detail. I appreciate that. And then to switch gears just very quickly here, I know there's clearly been a lot of success with recent testing. So I was just curious, based on the Wingborne testing completed recently, what have been the most significant technical learnings and how might those influence the final design or configuration of the certified VX4 when compared to the current prototype.

太好了，這真是一些非常棒的細節。我很感激。然後在這裡快速轉換話題，我知道最近的測試顯然取得了很多成功。因此，我只是很好奇，根據最近完成的 Wingborne 測試，最重要的技術學習是什麼，以及與當前原型相比，這些學習將如何影響認證 VX4 的最終設計或配置。

I think the thing I'd just remind everyone, the wing borne testing was into public airspace over people and schools and hospitals, etc. And that was with joint liability with the UK regulator, so we had to prove to them that this aircraft was capable to fly in public airspace, so a huge hurdle to get over, really exciting that they let us do that. In terms of learnings we got, what we learned was that our design is brilliant, and I mean that sincerely, the aircraft performed absolutely perfectly, it was.

我想我只是想提醒大家的是，機上測試是在人群、學校和醫院等公共空域進行的。這是與英國監管機構共同承擔的責任，所以我們必須向他們證明這架飛機有能力在公共空域飛行，這是一個巨大的障礙，他們讓我們這樣做真的令人興奮。就我們所學到的知識而言，我們了解到我們的設計非常出色，而且我真誠地說，飛機的性能絕對完美。

So exciting for us as an engineering business to see all of the hard work that we've done, all of the modeling we've done.

作為一家工程公司，看到我們所做的所有艱苦工作和所有建模，我們感到非常興奮。

Take to the skies in real life and match everything we expected it to do. So, we are now building the last little bit of evidence, as I said, for these 2 32nd moments where we accelerate from 30 to 70 knots and decelerate from 70 to 30. Everything there looks great. Again, we just got to build the evidence base. So what we've learned is we have done a brilliant job. The aircraft concept works, everything is on track for full transition this year, which then means everything's on track to build the final, sorry, the first certification ready aircraft in December next year. So it's hugely exciting last few months for us.

在現實生活中飛上天空，並符合我們預期的一切。因此，正如我所說，我們現在正在為這兩個第 32 個時刻建立最後一點證據，即我們從 30 節加速到 70 節，從 70 節減速到 30 節。那裡的一切看起來都很棒。再次強調，我們只是需要建立證據基礎。因此，我們了解到我們做得非常出色。該飛機概念是可行的，今年一切都將步入全面過渡階段，這意味著一切都將步入正軌，最終，對不起，是第一架準備獲得認證的飛機將於明年 12 月製造出來。所以對我們來說過去幾個月是非常令人興奮的。

Great, thanks for taking the questions. Yeah, thanks, Jesse, really appreciate it.

太好了，感謝您回答這些問題。是的，謝謝，傑西，真的很感激。

Thank you and I'd like to hand the call back to the management for final remarks.

謝謝，我想把電話交還給管理階層，請他們做最後的評論。

Great, so I'd just like to thank everyone for joining us on the call today, really appreciate it, some great questions. So thank you for joining. I really look forward to seeing you all on September 17th here in New York when we can bring some more clarity around the financial. Plan from here through to certification, including revenue opportunity after that, cost to certification, sources of funds for that, and I think we'll have some incredible keynote speakers including Lord Andrew Parker. So look forward to seeing you all then, thanks again for all the questions.

太好了，所以我只想感謝大家今天參加我們的電話會議，非常感謝，提出了一些很棒的問題。感謝您的加入。我非常期待 9 月 17 日在紐約與大家見面，屆時我們將對財務問題做出更清晰的解釋。從現在開始製定計劃直到獲得認證，包括之後的收入機會、認證成本、資金來源，我認為我們將邀請一些出色的主題演講者，包括安德魯·帕克勳爵。所以期待見到你們，再次感謝你們提出的所有問題。

Thank you for attending today's call. You may now disconnect. Goodbye.

感謝您參加今天的電話會議。您現在可以斷開連線。再見。